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CIL posts 74% rise in Q2 profit at Rs2,593 cr

CIL posts 74% rise in Q2 profit at Rs2,593 cr
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First Published: Sat, Nov 12 2011. 07 50 PM IST

Updated: Sat, Nov 12 2011. 07 50 PM IST
Kolkata: Coal India Ltd (CIL) on Saturday said its net profit in the quarter till 30 September had grown 74% year-on-year (y-o-y) to Rs2,593 crore thanks to the price hike in February.
Sales by volume during the quarter declined to 80.3 million tonne (mt) from 90.5 mt in the comparable period last year, and from 96.3 mt in the preceding quarter.
Production in the July-September quarter was affected by heavy rains and flooding of mines. Revenue during the quarter at Rs13,148 crore was 18% higher y-o-y.
However, if adjusted for the price increase in February, revenue would have been around Rs5,000 crore lower than the comparable period last year, and net profit, “flat to Rs1,000 crore lower”, according to A.K. Sinha, CIL’s director (finance). N.C. Jha, CIL’s chairman and managing director, said performance in the quarter till December is expected to be better though the company “had not performed as per targets” in October.
The company provided Rs764 crore in the quarter that ended in September towards potential pay hikes of its non-executive workers, or those below the rank of officers. CIL is currently negotiating with its trade unions a pay revision for some 360,000 workers.
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First Published: Sat, Nov 12 2011. 07 50 PM IST
More Topics: Company results | CIL | Coal India | Q2 | Profit |